A clause in property insurance policies prohibiting the insured from abandoning damaged property to the insurer for repair or disposal. Arranging for repair or disposal is the insured's responsibility, unless the insurer elects otherwise.
In general, an unplanned, unexpected, and undesigned (not purposefully caused) event which occurs suddenly and causes (1) injury or loss, (2) a decrease in value of the resources, or (3) an increase in liabilities. As a technical term 'accident' does not have a clearly defined legal meaning. In insurance terminology, an accident is the events which is not deliberately caused, and which is not inevitable. For example, if a driver (who is covered under personal automobile insurance for injury and losses due to negligence) willfully drives the vehicle into a tree, the resulting injury or loss is not insured. Similarly, insurance policies do not compensate for obsolescence or wear and tear because their occurrence is inevitable in normal course of things.
Policy that pays out upon the insured's death due to an accident or incapacitating bodily injury.
An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firms’ reserves, determines rates and rating methods, and determines other business and financial risks.
mathematical and statistical research of methods of forming of insurance reserves, insurance rates by insurance types.
Document or information attached or added to clarify, modify, or support the information in the original insurance or reinsurance agreement.
One who settles insurance claims. This typically involves investigation of the loss and a determination of the extent of coverage. In the context of first-party (e.g., property) insurance, the adjuster negotiates a settlement with the insured. In liability insurance, the adjuster coordinates the insured's defense and participates in settlement negotiations. Adjusters may be employees of the insurer (staff adjusters) or of independent adjusting bureaus (independent adjusters) that represent insurers and self-insureds on a contract basis. Public adjusters are consultants who specialize in assisting insureds in presenting claims to insurance companies in a manner that will maximize their recovery. (see also Dispacheur).
Aggregate Limit Of Liability
An insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period—for example, a year or for the entire period of the contract. Sometimes called "annual aggregate limit."
All Risks Coverage
Property insurance covering loss arising from any fortuitous cause except those that are specifically excluded. This is in contrast to named perils coverage, which applies only to loss arising out of causes that are listed as covered. Although many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks."
A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant’s lifetime. There are two basic types of annuities: deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase (see also Deferred Annuity)
services of medical, technical or financial nature provided under the contract of insurance to travelers in case of insurance event: injury, illness, and etc. They include services of medical professionals, delivery by specialized transport to the hospital, stay there, transporting the suffered to the place of residence, and etc. Services are usually provided by specialized assistant companies. There is a number of companies specialized in assistance services working closely with insurance companies.
The company which has cooperation agreement the insurer and arranges medical and other assistance to the insured to the extent stipulated by insurance contract. Typically, assistance service supervises and regulates insurance cases abroad.
specialist in international sea law who allocates expenses from general average between the vessel, cargo and freight, i.e. makes average statement. Abroad, average adjuster is usually appointed by the ship-owner.
calculation of the loss and its distribution between the ship, freight and cargo in proportion to their value, as well as a special document determining the fact of general average in the shipwreck which is the basis for calculation of losses in the accident.
document compiled by average commissioner recording the size and causes of losses and containing other information describing the circumstances surrounding the incident. Average Certificate is only evidence of loss and is not intended to be bound payment. On the basis of the average certificate insurer decides to pay or reject the claims of the insured for insurance indemnity.
Authorized individual or entity who’s dealing with determining reasons, conditions and values of losses in marine hull and cargo insurance. Insurer appoints average commissioner both inside the country and abroad in accordance with legislation of domicile country. According to the results of the work, average commissioner prepares average certificate. Function of average commissioner is performed by adjuster
Auto Insurance Policy
Insurance coverage that provides indemnity and/or compensation for injury or physical damage which ensues from the ownership, use or operation of an automobile. There are basically six different types of coverages. Some may be required by law. Others are optional. They are:
Automobile Physical Damage Insurance
Automobile insurance coverage that insures against damage to the insured's own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft (see also Auto Insurance Policy).
Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.
Rather new type of insurance carried out by commercial banks (except for deposit insurance). In Western Europe and USA banking insurance is invasion of commercial banks in insurance sphere (mainly in personal insurance); expressed in purchasing acting insurance companies and/or (if permitted by law) insurance policies sales network through wide network of bank branches and divisions.
Person or other legal entity for whose present or future interest (benefit) an insurance policy is made.
In foreign practice any insurance; covers risks related to more than one type of goods being shipped from different transport means and with significant number of smaller parties.
Liability insurance term that includes bodily harm, sickness, or disease, including resulting death.
In insurance: amount of money in excess of ordinary income paid to the policyholder by the insurer who received profit from investing insurance reserves for life insurance, i.e. monies that are distributed or assigned to policyholders with participation in company profits.
a memorandum or invoice prepared for a company by an underwriter, containing a list of reinsured risks
The commission that is payable to a broker for placing an insurance or reinsurance contract with an insurer or a reinsurer. Compare fee for service. Although brokerage is payable by the insured as part of the gross premium the amount of brokerage is agreed by the insurer. The insured may request his broker to state the amount of his brokerage on a given placement. Similar considerations apply to reassureds under reinsurances. Sometimes the term brokerage may be used to refer the business of a broker.
Theft of property from within a premises by a person who unlawfully enters or exits from the premises.
Business Interruption Insurance
Indemnification for ongoing fixed expenses and loss of income, following a business stoppage. Such coverage may be added to an existing basic fire insurance policy.
An insurance company that has as its primary purpose the financing of the risks of its owners or participants. Typically licensed under special purpose insurer laws and operated under a different regulatory system than commercial insurers. The intention of such special purpose licensing laws and regulations is that the captive provides insurance to sophisticated insureds that require less policyholder protection than the general public.
All articles, goods, materials, merchandise, or wares carried onboard an aircraft, ship, train, or truck, and for which an air waybill, or bill of lading, or other receipt is issued by the carrier. It includes livestock, but usually does not include bunkers (fuel for powering the vessel or vehicle), accompanying baggage, vessel or vehicle's equipment and spare parts, mail, and stores. Personnel carried onboard are classified as crew or passengers.
Inland or ocean marine insurance covering property in transit.
theft of other people's property in the process of transportation or storage, theft of the part or the entire contents of the consignment; theft of, usually, part or all items contained in the consignment or cargo performed by a person having official access to the property or under his management (for example, warehouse employee, a member of the crew). This term is most commonly used in the practice of cargo insurance.
A provision in most proportional treaty contracts allows cedents the option of requesting from the reinsurer immediate settlement outside the claim recoveries usually made in the regular accounts. In order to make this request the loss settled by the ceding company must exceeds a predetermined amount.
Cash Surrender Value
The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses.
A disaster involving multiple insureds and/or locations which causes severe property damage. Common catastrophe types include hurricanes, earthquakes, tornadoes, and explosions. Term used for statistical recording purposes to refer to a single incident or a series of closely related incidents causing severe insured property losses totaling more than a given amount.
a syndicate or company that transfers a risk exposure under a reinsurance contract.
transferring risk from an insurance company to a reinsurance company.
transfer of risk from an insurance company to a reinsurance company.
person to whom something is transferred. In insurance, it is reinsurer taking part of the risk into reinsurance.
Characteristics Of Insurance Policy
a brief summary of the insurance policy which includes its main terms (eg, types of insurance cover provided, the limits of liability, insurance premiums, and etc.)
articles of incorporation or the rights from state to incorporate and transact business. A document issued by a sovereign, legislature, or other authority, creating a public or private corporation. A document outlining the principles, functions, and organization of a corporate body.
Insurance of life of a child or a minor (under 18 years).
Insurance of profit and other financial losses related to standing still or idle of mills, factories, etc. due to insurance event.
An individual's liability to others for harm caused to them by his or her actions. Legal obligations arising from private wrongs or a breach of contract that is not a criminal act (public wrong). In accordance with the laws of Uzbekistan, the individual must compensate the caused damage, so civil liability is the object of insurance in which responsibility to pay for damage lies on the insurer (see also Civil Liability Insurance).
Civil Liability Insurance
Insurance paying or rendering service on behalf of an insured for loss arising out of legal liability to others.
Used in reference to insurance, a claim may be a demand by an individual or corporation to recover, under a policy of insurance, for loss that may come within that policy.
Final declaration of payment and indemnity payment.
This may refer to either of the following situations: (a) Where two or more insurers underwrite the same risk with several liability such that each insurer is not bound to follow the decisions of any co-insurer unless it has agreed to do so. (b) Where the insured acts as its own insurer for a specified proportion of the sum insured.
One that shares the loss sustained under an insurance policy. Usually refers to an insured property owner that fails to purchase enough insurance to comply with the coinsurance provision and that, therefore, suffers part of the loss itself.
See Group Insurance
A package policy providing several different coverages. Usually refers to a policy providing both general liability insurance and property insurance. Premium discounts are usually allowed to reflect cost efficiencies.
Sworn statement filed by a party (the complainant, petitioner, or plaintiff) to a court to commence litigation against another party (the accused, defendant, or respondent) in a civil lawsuit. Complaint sets forth the alleged grounds (allegations) for the case and request for award of relief (damages) or recovery of some asset such as money or property. In criminal cases the complaint is filed by the public prosecutor, a government official. Also called petition.
Comprehensive Insurance Policy
Export (export credit) insurance against both political and commercial risks.
building or construction being erected with all related equipment, tools, supplies, materials, galleries, platforms, water supply and sewer networks, gas, heating and electric systems.
factors used by the insurer (underwriter) that regulate both increase and decrease of insurance rate according to the risk level of a particular object or individual.
The appearance in person of an individual charged with a crime or included as part of a lawsuit in a court of law. The individual can be physically not present but be represented by an attorney and still be legally present.
concentration of risks within a certain location.
Cumulative Insurance Program
insurance programs containing in addition to risk-coating, also an element of savings or accumulation of cash. Such cumulative insurance programs include, for example, personal insurance, pension insurance, and etc.
Established in accordance with the laws of the Republic of Uzbekistan commercial organization, being a legal entity, that has received license from the State Customs Committee of the Republic of Uzbekistan for implementation of intermediary activities as a customs broker and is listed in the State Register of customs brokers. Customs broker carries out operations of customs clearance of goods and vehicles and other intermediary functions in the customs sphere for the account and on behalf of the represented person.
Carrier who transports goods under the customs control in accordance with the Customs Code of the Republic of Uzbekistan and the Statute of the customs carrier.
Harm or injury to a person, property, or system resulting in impairment or loss of function, usefulness, or value. (see Insured damage).
Damage to supplementary equipment.
Theft, damage or destruction as a result of traffic accident, fire, explosion, natural disasters, as well as illegal acts of third parties to supplementary equipment insured.
Damage To Transport Facilities (Cargo, Property)
Damage to the original form and/or integrity of the transport facilities (cargo, property), some of its parts becoming worthless.
The amount the insurer is required to pay because of a happening against which it was insured.
The amount that is deducted from some or all claims arising under an insurance or reinsurance contract. The practical effect is the same as an excess: the insured or reassured must bear a proportion of the relevant loss. If that loss is less than the amount of deductible/excess then the insured or reassured must bear all of the loss (unless there is other insurance in place to cover the deductible). An increase in deductible should result in a reduction in premium. There is conditional and unconditional franchise. Conditional franchise states that the policy will not pay any claims less than a given amount but will pay claims in total if they are in excess of that amount. Unconditional deductible – in all cases deductible amount is subtracted from the insurance indemnity. The deductible is usually set as a fixed dollar amount, though in some cases it can also be a percentage of the premium paid or some other formula.
Annuity in which payback does not start until a specified time in the future, such as after a certain number of years from the annuity contract date, or at a certain age of the annuitant or the beneficiary. (see also Annuity)
Set by MLEC (Medical Labor Expert Commission) depending on the disability extent. There are three degrees of disability.
loss of the earning capacity resulting from injury caused to a workman by an accident.
Statutory revelation by the applicant (in the application for an insurance policy) of all known information about the risk to be covered.
In insurance those insureds who did not have insurance events during certain period of time might use discount.
abnormal condition affecting the body of an organism. It is often construed to be a medical condition associated with specific symptoms and signs. It may be caused by external factors, such as infectious disease, or it may be caused by internal dysfunctions, such as autoimmune diseases.
A partial return of premium to the insured based on the insurer's financial performance or on the insured's own loss experience. Insurers cannot legally guarantee the payment of dividends. In the captive arena, there are two kinds: policyholder dividends are paid back through the insurance premium process to the insureds. They are before-tax expenses for the captive. Shareholder dividends are paid to the captive's shareholders after tax (and are then taxed again to the shareholder).
Each And Every Loss
generally accepted concept in the international insurance practice. Condition of insurance contract (clause) meaning that Insurer will indemnify each and every loss incurred as a result of one or series of cases that have occurred as a result of catastrophic event (natural disaster).
Economic Indicators Of Insurance Activity:
- The average sum insured (the total sum insured divided by the number of insured objects);- The average premium payment per agreement (the amount of premium received divided by the number of agreements);- The loss ratio (the ratio of incurred losses and loss-adjustment expenses to net premiums earned.);- The sum insured loss ratio - the amount of payments accounting for an average of 100 units of the sum insured.
Emergency care refers to emergency medical attention given to an individual who needs it. It includes those medical services required for the immediate diagnosis and treatment of medical conditions which, if not immediately diagnosed and treated, could lead to serious physical or mental disability or death.
Person or firm who, by signing a negotiable instrument, transfers the title of the instrument (or the property named therein) to another.
A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions. Sometimes called a rider.
Environmental Impairment Liability (Eil) Insurance
A specialized insurance policy that covers liability and sometimes cleanup costs associated with pollution.
document about the required examination and its results.
Extra Expense Coverage
Time element property insurance that pays for expenses in excess of normal operating expenses that an organization incurs to continue operations while its property is being repaired or replaced after having been damaged by a covered cause of loss. Extra expense coverage can be purchased in addition to or instead of business income coverage, depending on the needs of the organization.
A charge added to a premium because the regular premium rate does not take into account certain hazards.
A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The submission, acceptance, and resulting agreement is required on each individual risk that the ceding company seeks to reinsure. That is, the ceding company negotiates an individual reinsurance agreement for every policy it will reinsure. However, the reinsurer is not obliged to accept every or any submission.
First Aid Care
defined as medical care and treatment provided after the sudden onset of a medical condition manifesting itself by acute symptoms, including severe pain, which are severe enough that the lack of immediate medical attention could reasonably be expected to result in any of the following: the patient's health would be placed in serious jeopardy; bodily function would be seriously impaired; there would be serious dysfunction of a bodily organ or part.
First Risk Insurance
Method of insurance whereby a specified amount is guaranteed: the risk is covered up to such risk regardless of the total value, without applying the proportional rule.
clause found in insurance policy that states that the policy will not pay any claims less than a given amount but will pay claims in total if they are in excess of that amount. In this case, franchise is set as an absolute figure.
The charge for transporting goods.
A loss that arises from the reasonable sacrifice at a time of peril of any part of a ship or its cargo for the purpose of preserving the ship and the remainder of its cargo together with any expenditure made for the same purpose. An example of a general average loss would include jettisoning cargo to keep a ship afloat and an example of general average expenditure would include towing a stricken vessel into port. An average adjuster calculates the value of each saved interest to each interested party which is then obliged to contribute towards the general average loss or expenditure proportionately. Subject to the terms of the policy, insurance will generally only apply if the loss was incurred to avoid or in connection with the avoidance of an insured peril.
insurance agreement under which the insured is obliged to insure all certain risks by similar conditions. For example, goods to be received or sent within a specified period of time are to be insured with one insurer, and he should be responsible for all risks insured, including those which were not declared in time. Usually issued for a period of one year.
The Council of Bureaux (CoBx) maintains an international motor insurance card system in and around Europe where the certificate issued is known by the name Green card. In 1949 the system was established in the framework of UNECE. At later stage the EU and EFTA were involved and reflecting the deepening of the links with them the CoBx secretariat was relocated from London to Brussels in 2006. In each member state of the Green Card System the insurance companies established an Green Card Bureaux operating with the recognition and approval of the government and the activities of the Green Card Bureaux are established by law or regulation in each of the countries participating in the system. Each Green Card Bureau has two functions: 1. As a "Bureau of the country of the accident", it has responsibility in accordance with national legal provisions for Compulsory Third Party Motor Insurance for the handling and settlement of claims arising from accidents caused by visiting motorists. 2. As a "Guaranteeing Bureau" it guarantees certificates of Motor Insurance - ("Green Cards") which are issued by its member insurance companies to their policyholders. There are three types of Green card member states as per the Multilateral Agreement: 1. EEA members 2. members under section III of the Multilateral Agreement with the EEA members: Andorra, Croatia, Serbia and Switzerland. 3. the rest of the Green card members
Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums.
Insurance provided to groups of people. Involves the substitution of group selection, the use of experience rating, and the use of a master insurance contract. These aspects of group insurance yield lower administrative costs than would individual policies written for members of the group. Group insurance is commonly used to provide employees and members of associations with life, health, disability, dental, and similar types of coverage.
A risk management strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities. In effect, hedging is a transfer of risk without buying insurance policies.
Stealing of transport facility, unlawful possession of transport facility.
Marine or aviation insurance covering damage sustained to an insured vessel or airplane.
Discrete occurrence or event or untoward event which (depending on the circumstances) may lead to a damage, disaster, or loss.
(1) In policies written on an indemnification basis, the insurer reimburses the insured for claims and claim costs already paid by the insured. Technically, the insured must not only suffer a loss but must also pay the loss before being indemnified by the insurer. (2) The agreement of one party to assume financial responsibility for the liability of another party. Hold harmless agreements are typically used to impose this transfer of risk (see also indemnity and Insurance Coverage).
The principle according to which a person who has suffered a loss is restored (so far as possible) to the same financial position that he was in immediately prior to the loss, subject in the case of insurance to any contractual limitation as to the amount payable (the loss may be greater than the policy limit). The application of this principle is called indemnification. Most contracts of insurance are contracts of indemnity. Life insurances and personal accident insurances are not contracts of indemnity as the payments due under those contracts for loss of life or bodily injury are not based on the principle of indemnity (see also Indemnification and Insurance Coverage).
Disease or impairment of a person's body or mind.
A contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils). The term "assurance," commonly used in England, is considered synonymous with "insurance."
A person or organization who/that is authorized to act on behalf of another. An insurance agent is a person or organization who/that solicits, negotiates, or instigates insurance contracts on behalf of an insurer and can be independent or an employee of the insurer. Insurance agents are the legal representatives of insurers, rather than policyholders, with the right to perform certain acts on behalf of the insurers they represent, such as to bind coverage.
contract between the insured and the insurer, with the mediation of an agent or broker or not, by which the insurer undertakes to indemnify the insured as a result of the insured event or to pay him (or beneficiary) the sum insured (indemnity), and the insurer agrees to pay a premium in full and on time.
An insurance intermediary who/that represents the insured rather than the insurer. Since they are not the legal representatives of insurers, brokers, unlike independent agents, often do not have the right to act on behalf of insurers, such as to bind coverage. While some brokers do have agency contracts with some insurers, they usually remain obligated to represent the interests of insureds rather than insurers. For example, some state insurance codes impose a fiduciary responsibility to act on behalf of their customers or provide full disclosure of all their compensation from all sources.
Control over insurance companies’ activities by special authorized state body.
The level of insurance estimate relative to the value of property interests accepted for insurance purpose. Insurance coverage might be the proportional liability system, limited liability insurance and first risk insurance. The most commonly used in practice are the proportional liability system and first risk insurance (See also Indemnification and Indemnity).
The currency in which all financial transactions or amounts under the policy are denominated.
The front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. The declarations page is also known as the information page. Often informally referred to as the "dec" or "dec page" that varies from insured to insured. Statement, signed by the insured, warranting that information given by him is true.
Insurance For The Benefit Of Others
insurance agreement concluded by one person in order to ensure coverage of the insurable interest of another person.
An interest by the insured person in the value of the subject of insurance, including any legal or financial relationship. Insurable interest usually results from property rights, contract rights, and potential legal liability.
the system of economic relations arising in regards to the purchase and sales of insurance coverage to meet social needs for insurance protection.
One of the main functions of insurance companies’ activities to promote their products to the policyholder. Carried out through insurance marketing service of the company that forms the demand for insurance services and potential customer’s insurable interest.
Insurance Operations Effectiveness
comprehensive concept that includes a system of indicators characterizing the economic expediency of insurance among different insurance types (personal, property and liability insurance).
The book of business of an insurer or reinsurer, including all policies in force and open reserves.
The amount of money an insurer charges to provide the coverage described in the policy or bond.
Final result of development of particular type of insurance represented by a set of documents.
A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.
insurance protection of material interests of individuals, businesses, cooperatives, and other legal entities in the form of full or partial recovery of damages and losses caused by natural disasters, accidents and events in various areas of human activity as well as payments to the individuals in case of loss event, from insurance fund created on the basis of obligatory and voluntary insurance payments of participants.
An insurance rate is the amount of money necessary to cover losses, cover expenses, and provide a profit to the insurer for a single unit of exposure. Rates, as contrasted with loss costs, include provision for the insurer's profit and expenses.
Insurance Relations Equivalence
guaranteed insurance payments at the expense of received insurance premiums.
The amount of money that has been set aside by an insurer or reinsurer to meet outstanding claims, incurred but not reported losses and any associated expenses.
Risk of loss associated with fortuitous occurrences (e.g., fires, hurricanes, tortuous conduct). Event risk, which is synonymous with pure risk, hazard risk, or insurance risk, presents no chance of gain, only of loss. The perils covered by traditional property-casualty (P&C) insurance products are within the realm of event risk (in detail see Peril).
normative act, source of law determining the conditions of voluntary insurance. Establishes the rights and obligations of the parties under insurance contract, the insurance object, list of insurance events and exclusions (clauses) allowing the insured to release from responsibility. Insurance rules are generally set forth in the insurance policy or are an integral part of the insurance contract. Approved by the head of the insurance company and the state insurance supervision body (see also Policy conditions).
Insurance To Value
The amount of insurance written on property is approximately equal to its value. An insured most always wants to insure all property to value.
A person who is insured under a contract of insurance. Where there is one insured this person may also be referred to as the policyholder.
value of fully destroyed or devaluated parts of the damaged property according to insurance estimates. Based on the calculated amount of the insured damage it is determined the amount of insurance indemnity due. Insurance agreement terms are taken into account. The amount of insurance indemnity shall be equal to amount of the insured damage. The size of the insured damage is determined either by the insurer or appointed on his behalf trusted expert (adjuster). The sum insured is considered when calculating the insured damage.
A form providing the insurer with certain information necessary to underwrite a given risk. The applicant completes it to receive insurance.
The insurance company that undertakes to indemnify for losses and perform other insurance-related operations.
Insurer’s Liability Limit For Each Insurance Event
The most that will be paid by the insurer for each separate insurance event within insurance period according to insurance agreement.
Ranking of insurance companies on the basis of the iinsurer’s financial stability, earnings record, creditworthiness, etc.
Mentally and/or physically handicapped and dependent person.
Legal Actions Beyond The Contract
Legal (Registered) Address
Limitations Of Vital Functions
Limited Liability Insurance
Limit Of Indemnity
Lloyd's of London
Marine Hull Insurance
Motor Civil liability
Motor Hull Insurance
Multiple Car Discount
Object Of Insurance
Other Health Disorder
Owners And Contractors Protective (Ocp) Liability Coverage
Periodic Insurance Payment
Political Risk Insurance
Power Of Attorney
Price Forming Documents (In Auto Insurance Policy)
Product Liability Insurance
Professional Liability Insurance
Project Management Protective Liability (Pmpl) Insurance
Proportional Liability System
A statement of the premium that an underwriter requires to underwrite an insurance/ reinsurance risk based on the information supplied by the person seeking cover, either directly or via their broker. A quotation may be conditional, eg it may be subject to the provision of further information, or not. If a quotation is accepted before it is withdrawn, then subject to the satisfaction of any conditions that may attach to the quotation, an insurance/reinsurance contract will be made.
Rules Of Insurance Reserves Allocation
Scope Of Insurance
Single Insurance Payment
Source Of High Danger
Statement Of Claim
Technical Risks Insurance
Temporary Total Disability
Unit Of The Sum Insured
Vehicle Owners’ Civil Liability, Motor Liability
|Workers Compensation And Employers’ Liability Insurance
An insurance policy that provides coverage for an employer's two key exposures arising out of injuries sustained by employees. Part One of the policy covers the employer's statutory liabilities under workers compensation laws, and Part Two of the policy covers liability arising out of employees' work-related injuries that do not fall under the workers compensation statute.